The status of a customer determines his business relationship with the brand. Customer status could be active or inactive depending upon his subscription status. An active account can be categorized as follows:
- Trial account
- Freemium account
- Paid subscription
The success of a SaaS business is tied to customer acquisition as well as recurring revenue. To ensure that customer is set for success the moment he signs up for trial, Customer Success plays an important role.
Customer Success is a company wide function. The robust and powerful Customer Success tools allow us to track the account health. Depending upon the product usage trends, we can deliver early value to healthy prospects and acquire them.
Freemium model is one of the market penetration strategies used by SaaS companies. They provide the product for free with limited features and functionality. The idea is to attract users and get them used to the product to develop customer loyalty.
To ensure business doesn’t end up being a leaky bucket, it’s essential to maintain an optimum balance between Freemium and the paid subscription.